Misr Hotels pays LE 146M for NBE loan

CAIRO – 12 July 2017: Misr Hotels Co. paid the sixth accelerated installment worth LE 24 million ($1.34 million) for the National Bank of Egypt's (NBE) loan granted to the company to develop the Nile Ritz Carlton hotel in Cairo, the firm said in a Wednesday statement.

The company said that total payments for the NBE loan have so far reached LE 145.9 million.

In 2014, local media had reported that Misr Hotels reached an agreement with the bank to increase the value of the loan by LE 125 million to reach LE 625 million.

The company's board approved to mandate the chairman and the managing director to negotiate with the bank on the implementation mechanism of an accelerated payment for the loan, according to the company’s liquidity, the statement added.

In May, the company paid the fifth accelerated installment worth LE19 million.